short essay about strategy management, management homework help


1. Access the ESPN One Nacíon website: Read the article and view the video regarding the need for MLB managers to learn Spanish.3. Integrate strategic concepts according PPTs attached (e.g., external environment analysis, strategies, competitive advantage, and career planning ).4. No more than one page1.ppt2.ppt3.ppt


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Chapter 1: Strategic Management
Effective Leaders
Begin with the end in mind!
(Steven Covey)
• Strategic management seeks to explain why/how some
firms ( people,orgonizations,nationa______) outperform
• According to research, eight areas affect firm performance:
–Organizational Culture
–Strategic Alliances
–Profit Orientation
Key Vocabulary #1
• Strategic Leadership is the ability to
anticrpate,envision,maintain,flexibility___ and empower
others to create strategic change as necessary.
• Human Capital refers to the _knowledge and
skills___________________ of a firm’s entire workforce.
(Hitt, Ireland, Hoskisson, 2005)
• Organization Culture: (See General Mgt Functions.)
Key Vocabulary #2
• Strategic Management Process consists of the
_cisions,actions______ that firms take to gain/sustain a
competitive advantage or at least become strategically
• Strategic Competitiveness is achieved when a firm
successfully formulates and implements a _valuecreating,strategy______.
• Strategy: a __set of actions__________________ taken by the
firm to gain/sustain a competitive advantage; it requires a
commitment of resources.
(Hitt, Ireland, Hoskisson, 2005)
Key Vocabulary #3
• Competitive Advantage exists when the firm implements a
value-creating strategy that competitors cannot _
• Strategic Flexibility is a set of capabilities used to respond to
environmental changes.
• Capability is the capacity for a set of resources to perform a
• Resources are the firm’s inputs__ into its production process,
such as finances, employee skills, equipment, etc.
(Hitt, Ireland, Hoskisson, 2005)
Key Vocabulary #4
• Core Competencies are resources and
capabilities that serve as a source of
___competitive advantage for a firm over its
• Stakeholders are the individuals/groups who
affect and are affected by the firm’s strategic
outcomes; they have enforceable claims on a
firm’s performance.
(Hitt, Ireland, Hoskisson, 2005)
Top Management Team
• TMT is composed of key managers who are responsible for
selecting and implementing the firm’s strategies:
a. Officers with the title of _VP____ or above
b. Members of the __Board of dirctors____
• A heterogeneous TMT consists of diverse
a. __Functional backgrounds_____________
b. _____Experience__________
c. ___Education____________
(Hitt, Ireland, Hoskisson, 2005)
TMT Relations #1

Quality of TMT Decisions
TMT Heterogeneity
Degree of Expertise
↓ Cohesion
↑ Size
↑ Heterogeneity
(Hitt, Ireland, Hoskisson, 2005)
TMT Relations #2

TMT Heterogeneity
Decisions (or better decisions)
Firm Performance
Communication among diverse TMT members can be facilitated
through _electronic_ communications, sometimes reducing the
barriers present in face-to-face meetings.
( Hitt, Ireland, Hoskisson, 2005)
TMT Decisions and Actions
• Determine the firm’s __directions__ (or
• ___Design____ the organization’s structure.
• Develop the firm’s __reward systems___.
• Nurture an excellent/ethical __culture____.
(Hitt, Ireland, Hoskisson, 2005)
Strategic Management Process

Vision & Mission Statements
LT Objectives
• (David, 2005: See SM Process Diagram.)
Balanced Scorecard
• A control technique. (Hint: A General Mgt Function)
• Organizational controls: Information-based procedures
(rules/standards/benchmarks) used by managers to achieve
desired outcomes.
Financial Controls
– View:
– Focus:
Strategic Controls
Short-term Outcomes
Long-term Content
Past Performance Future Viability
• Premise: Firms jeopardize future performance possibilities
when financial controls are emphasized at the expense of
strategic controls.
(Hitt, Ireland, Hoskisson, 2005)
Balanced Scorecard Example
Firm Growth &
1. Annual Sales Growth>5%
2. Profit Margin>10%
Perceived Value
1. Service Time<5 Minutes 2. Repeat Business>50%
Internal Business Organizational
Learning &
Innovative Climate
1. 28% ≤COGS≤ 30%
2. Waste < ½% of Sales 1. Intro 1 New Product/Qtr 2. College Reimbursement Program=1% profits Subfields of Strategy 1. 2. 3. 4. 5. 6. 7. 8. Management/Leadership Decision-Making Level Strategies Organizational Culture Entrepreneurship Strategic Alliances Profit Orientation (Nonprofits) Ethics/Values SS#1: Management/Leadership • General Management Functions 1. __planning_____________ 2. __leading_____________ 3. __organizing_____________ 4. ___controlling____________ (Hellriegel, Slocum, Jackson, 2002) • Men vs. Women: 1. Men (“tend” to means average) be task oriented/have a _directive style_________. 2. Women (“tend” to) be relationship oriented/have a __participative style_. SS#2: Decision-Making • Speed • Quality 1. TMT Heterogeneity (Breadth of Knowledge) a. Functional Backgrounds b. Experience c. Education 2. Degree of Expertise (Depth of Knowledge) 3. Cohesiveness 凝聚力 (Hitt, Ireland, Hoskisson, 2005) SS#4: Organizational Culture • Organization culture is a system of shared ___values_______ (what is important) and ___beliefs_______ (how things work) that shape a company’s people, organizational structures, and control systems to produce __behavioral norms____________ (the way we do things around here). (Dess and Lumpkin, 2003) SS#6: Strategic Alliances #1 • Partnership survival or success is contingent upon identifying a promising partner with complementary skills and making sure __goals________, _values_________, and ___work habits_______ are compatible. (Longnecker, Moore, Petty, Palich. 2006) • Employers and employees actually enter into a partnership/strategic alliance with each other! SS#6: Strategic Alliances #2 • Business Partnerships: More than 50%_fail! • U.S. Marriages: More than _50%_ fail! • Wise Saying: Can two walk together except they be agreed? SS#8: Ethics/Values • Organizational outcomes—both strategies and effectiveness—reflect the values of powerful organizational actors, and there is a positive association between firm profitability and these values. (Hambrick and Mason, 1984) Deliberate vs. Emergent Strategies B Intended strategy DELIBERATE STRATEGY UNREALIZED STRATEGY A: Identify emergent strategies B: Change intentions Realized strategy A EMERGENT STRATEGY (Mintzberg and Waters, 1985) Conclusion • What? Strategic Management • Why? Strategic leaders affect firm performance through their decisions and actions. • How? The Strategic Management Process • Who? B.F. Skinner (1969): Behavior is a function of its consequences. Chapter 2: Business Vision & Mission Vision Statement • Basic Question: What do we want to become? • Definition: A desirable future state of the firm. (David, 2005) Mission Statement • Basic Question: What is our business (David, 2005)? • Definition: The firm’s purpose and basis of competition (Dess and Lumpkin, 2003). Mission: Names? • • • • • • A Creed Statement A Statement of Purpose A Statement of _philosophy___________________ A Statement of Beliefs A Statement of _business principles___________________ A Statement “Defining Our Business” (David, 2005) Mission: 9 Components 1. 2. 3. 4. 5. 6. 7. 8. 9. (David, 2005) Customers: Who are the firm’s customers? Products/Services: What are the firm’s major products/services? Markets: Geographically, where does the firm compete? Technology: Is the firm technologically current? Concern for Survival, Growth, and Profitability: Is the firm committed to growth and financial soundness? Philosophy: What are the basic _beliefs___, _values____, _aspirations_________, and ethical priorities of the firm? Self-Concept: What is the firm’s __competitive advantage__________________? Concern for Public Image: Is the firm responsive to social, community, and environmental concerns? Concern for Employees: Are employees a valuable firm asset? Vision vs. Mission Vision 1. Established __first____. 2. Short: One sentence. 3. What do we want to become? 4. Future oriented. 5. Purpose (Dess & Lumpkin, 2003) 6. Reexamined annually. (David, 2005) Mission 1. Follows vision. 2. Less than _200--250__ words & 9 components. 3. What is our business? 4. Present orientation. 5. Purpose & basis of competition (Dess & Lumpkin, . 2003) . 6. Reexamined annually. Stakeholders • • • • • (Dess & Lumpkin, 2003) Customers Employees Suppliers (goods, services, and capital) Shareholders __community at large_____________ Stakeholder Mgt (Dess & Lumpkin, 2003) • Symbiosis or __Interdependence_____: Hey, we are in this thing together! • Zero-sum or Independence: Every man for himself or the closed system (A+B+C+D+E=0). Stakeholder Satisfaction and Returns • Person earns below national income average: $12,000/yr • Person earns national income • BA Returns Can’t minimally satisfy all average: stakeholders, so minimize $41,000/yr support lost. • Person earns above national • A Returns income average: Can’t maximize all stakeholder $100,000/yr interests, so meet minimum expectations. • AA Returns Easy to satisfy all stakeholders. (Hitt, Ireland, Hoskisson, 2005) Mission Statement Exercise! (See Mission Statement handout.) Chapter 3: The External Environment Two Theories of Competitive Advantage (CA) • External Environment • Major Proponent: Michael Porter (1980) • Model: __I/O_____________ • Research &Profitability: __20%_____________ • Internal Environment • Major Proponent: Jay Barney (1991) • Model: RESOURCE-BASED VIEW • Research & Profitability: ________36%_______ I/O Model • Find an ATTRACTIVE INDUSTRY and implement the strategy dictated by its characteristics. • Assumptions: 1. External environment imposes constraints. 2. Most firms: similar resources/similar strategies. 3. Resources are HIGHLY MOBILE across firms. 4. Decision makers are rational and maximize profits. (Hitt, Ireland, Hoskisson, 2005) RBV Model • A firm’s strategy should be based on its unique bundling of resources and capabilities: 1.Valueable: Exploit opportunities/Neutralize threats.利用机 会、消除威胁。 2. Rare: Possessed by few. 3. Inimitable: Cannot be imitated.不能被模仿 4. Nonsubstitutable: No functional equivalents.(机器)不可 替代(人工),没有功能等同。 • Assumptions: 1. Firms acquire different resources and develop unique capabilities. 2. Resources may not be highly mobile across firms. (Hitt, Ireland, Hoskisson, 2005) RBV: Sources of Inimitability 1. Physically Unique (e.g., a resort, patent)独特(专利,或者度假胜 地) Example: Disney World 2. Path Dependency (Historical) Example: New Computer Specialist: Demand= 30k, Supply= 10K(CS人才供不 应求) 3. Causal ambiguity (i.e., Can’t disentangle the causes)因果模糊性 (不能解开的原因) Example: Recipe 4. Social Complexity (i.e., Complex relations)复杂人际关系 Example: Employees work well together RBV Matrix Tangible Resources Competitive Advantage Expected Performance A Disadvantage BA Returns B Competitive Parity A Returns Tempory CA A to AA Returns Sustainable CA AA C D Valuable Rare Inimitable Non-substitutable 2个或3个 Note: You must also generate a matrix for the Intangible Resources. Key Vocabulary • Opportunity: A condition in the general environment that the firm can exploit to achieve strategic competitiveness. • Threat: A condition in the general environment that may hinder a firm. • Industry: A group of firms producing similar products. External Environment Components • General Environment • Industry Environment • Strategic Groups General Environment (Hitt et al., 2005) • General Environment consists of the broader societal dimensions that influence an industry and its firms. 1. Demographic Segment (Paper里面每个Segment需要3个programme) Population’s size as well as age, geographic, ethnic, and income distributions. 2. Economic Segment Refers to nature and direction of the economy in which the firm competes. 3. Political/Legal Segment Refers to the body of laws guiding interactions: firms & nations. 4. SocioCultural Segment Concerned with a society’s attitudes & cultural values. 5. Technological Segment Includes institutions & activities involved with creating new knowledge and translating it into new outputs. 6. Global Segment Consists of activities among 2 or more nations. External Environment Analysis (Dess, 2003; Hitt et. al., 2005) _Scanning_ Changes & Trends (CTs) Monitoring Evolution of CTs ___Forecasting___ Assessing Predict Outcome of CTs Impact of CTs on Firm Competitor Intelligence Set of data the firm gathers to better understand competitor’s objectives, strategies, assumptions, and capabilities. Industry Environment (Hitt et al., 2005) • Industry Environment: The set of factors that directly influences a firm and its competitive actions and responses. • Threat of New Entrants (新进入者的威胁) • Threat of Substitute Products(替代产品的威胁) • The Bargaining Power of Suppliers (供应商的议价能力) • The Bargaining Power of Buyers(购买商的议价能力) • Intensity of Rivalry(对抗强度) (See Five Forces Checklist.) Strategic Groups (Hitt et al., 2005) • Strategic Groups a set of firms emphasizing similar strategic dimensions to use a similar strategy. • Implications: 1. Rivalry more intense within groups. 2. Rivalry increases with proximity of groups. 3. The strengths of the 5 forces differ across groups. Porter’s Five Forces Analysis—U.S. Labor Market • Application: My Example • (See the My 5 Forces handout.) External Factor Evaluation Matrix • An EFE Matrix allows strategists to summarize and evaluate the general and industry environments. • Total Weighted Scores range from 1 to 4: 1. TWS = 4: Outstanding OT Response 2. TWS = 1: Poor OT Response (David, 2007) EFE Matrix: 5 Steps 1. 2. List Factors: Opportunities (5-10), Threats (5-10) Assign WEIGHTS (sum=1.0) that indicate relative importance of factor to industry success: Not Important= 0.0 3. Very Important= 1.0 Assign Rating (1 to 4) to each factor to indicate the effectiveness of the firm’s strategic response (strategies): Superior Response= 4 Average Response= 2 4. 5. (David, 2007) Above Average Response= 3 Poor Response= 1 Determine Weighted score: Factor Weight X Factor Rating Determine Total weighted score: Sum weighted scores Competitive Profile Matrix (David, 2007) • The CPM identifies a firm’s major competitors as well as its Strenghts and Weakness. • The weights and TWS in CPM and EFE have the same meaning. • Factor ratings refer to strengths and weaknesses: Major Strength= 4 Minor Strength= 3 Minor Weakness= 2 Major Weakness= 1 Chapter 3: Conclusion • What? The External Environment • Why? Affects firm performance. 1. ID _opportunities & threats___________ 2. Industry explains ___20%______ of a firm’s profitability. • How? • Who? External Environment Analysis Five Forces Analysis Michael Porter (1980) ... Purchase answer to see full attachment

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